Credit card application refused :(

orwen

Hello,

I have this afternoon had an application for a credit card refused. The bank seemed perfectly happy with my application until they auto-ran it by an on-line third party called Experian who advised my bank to decline my application. The reason given by Experian is that I am "unemployed". This is incorrect, I have been retired for a year and prior to this I was a full-time Carer. Thus Experian, on whom the bank rests its judgement, hold incorrect details about me.

This has also severely dented my faith in the bank, who now rely on third party advice, which is patently incorrect - instead of their own professional judgement.

The bank employee handed me a printout of the refusal which I now have to formally appeal in writing, adding insult to injury I feel.

Any advice much appreciated.

Many thanks.

ashp_2

The bank makes its own decision. Experian provides no advice to the bank. Experian hold information about how you have previously managed your credit accounts.
It sounds like the bank refused you because you were un employed, not experian. If you have been retired for a year and you are no longer working you are indeed unemployed. Experian does not hold information about your employment however I'm sure this information would have been required when you filled in the credit card application form.

Any lender will want to ensure you can pay back any money they lend you. You don't necessarily have to be employed but they will want to see some form of income.

You can check your Experian credit report to see what information they hold about you and it's important to check this information is accurate. You could also sign up to the MSE credit club. This will show you which credit cards you are likely to be accepted for based on your circumstances.

orwen

So, a) the bank lied to me, blaming Experian. b) They lied again, telling me they would appeal the decision "by Experian". c) I checked the credit card requirements before I applied, at no time did it say retired people will not be granted credit cards. d) What is the point in checking with Experian in this case, since the bank are making up their own rules, then blaming Experian?

The bank print-out plainly states "from the information they [Experian] provided to us we are unable to offer you a credit card at this time".

It also warns me to appeal their refusal or it will be assumed I accept what is being said - which appears to be a mixture of misinformation and bare-faced lies, going by your reply.

Thanks for help, more advice is appreciated.

[Deleted User]

It's not so much that they lied, just that anyone you talk to in a bank won't understand how the credit application process works.

The print out is a more accurate explanation of what has happened. They checked your file and have decided to decline.

orwen

Ps. I'm sorry but it seemed nonsensical. I created my current account with this bank when I was retired, they know I'm retired, my pension is paid into my bank account.

Are there banks friendlier to retired people than my current one please? If so I will move my account.

ashp_2

Yes you are correct. Experian made no decisions, Just your bank. I would not say they lied to you as Zx said it's probably a mixture of the bank employees possibly not fully understanding the credit reference process or not translating it to you in an understandable way. I would go on what the letter says rather than what you were told and the small part of the letter you put actually suggests there is something within your credit file they did not like.

It does not matter who your current account is with. You can apply for a credit card anywhere you like but every lender is going to check your file with Experian or another credit reference agency before making a decision to lend you money that's why I suggested you check this information which you can do for free before making any other applications.

I'm sure you could get a credit card but it's vital your check your credit report to ensure the information is accurate before making any application. It's not good to make a lot of applications in a short period of time.

If you click here and register with the MSE credit club. This uses information from experian and other information supplied by you to suggest credit cards you are likely to be accepted for.